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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
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(State or other jurisdiction of
Incorporation or Organization) |
(I.R.S. Employer
Identification No.) |
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| (Address of Principal Executive Offices) | (Zip Code) | ||||||||||
| Title of Each Class | Trading Symbol |
Name of Each Exchange
on which Registered |
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☒ | Accelerated Filer | ☐ | ||||||||
| Non-Accelerated Filer | ☐ | Smaller Reporting Company |
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| Emerging Growth Company |
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| PART I | ||||||||
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Item 1.
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||||||||
| Item 1A. | ||||||||
| Item 1B. | ||||||||
| Item 1C. | ||||||||
| Item 2. | ||||||||
| Item 3. | ||||||||
| Item 4. | ||||||||
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PART II
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Item 5.
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||||||||
| Item 6. | ||||||||
| Item 7. | ||||||||
| Item 7A. | ||||||||
| Item 8. | ||||||||
| Item 9. | ||||||||
| Item 9A. | ||||||||
| Item 9B. | ||||||||
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PART III
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||||||||
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Item 10.
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||||||||
| Item 11. | ||||||||
| Item 12. | ||||||||
| Item 13. | ||||||||
| Item 14. | ||||||||
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PART IV
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Item 15.
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||||||||
| Engineered Materials Group: |
• Aerospace
• Agriculture
• Chemical processing
• Construction
• Defense
• Information technology
• Life sciences
|
• Microelectronics
• Oil & gas
• Power generation
• Renewable energy
• Telecommunications
• Transportation
• Truck & bus
|
||||||
|
Filtration
Group: |
• Aerospace & defense
• Agriculture
• Construction
• Food & beverage
• Heating, ventilation & air conditioning (HVAC)
• Industrial machinery
• Life sciences
|
• Marine
• Mining
• Oil & gas
• Power generation
• Renewable energy
• Transportation
• Water purification
|
||||||
|
Fluid Connectors
Group: |
• Aerial lift
• Agriculture
• Bulk chemical handling
• Construction
• Food & beverage
• Forestry
• Industrial machinery
|
• Life sciences
• Material handling
• Mining
• Oil & gas
• Renewable energy
• Transportation
|
||||||
|
Instrumentation
Group: |
• Air conditioning
• Alternative fuels
• Analytical
• Chemical
• Food & beverage
• Life sciences
|
• Microelectronics
• Oil & gas • Refining • Refrigeration • Transportation |
||||||
|
Motion Systems
Group: |
Mobile:
• Agriculture
• Construction
• Marine
• Material handling
• Military
• Transportation
• Truck & bus
• Turf
|
Industrial:
• Distribution
• General machinery
• Machine tool
• Mining
• Oil & gas
• Power generation
• Semiconductor
|
||||||
|
|
|
|||||||
|
• Aftermarket services
• Commercial transport aircraft
• Engines
• General & business aviation
• Helicopters
|
•
Military aircraft
• Missiles
• Power generation (industrial gas turbines)
• Regional transport aircraft
• Unmanned aerial vehicles
|
||||
|
• Active vibration control systems
• Bearings & dampers
• Coatings
• Dynamic seals
• Elastomeric mounts & isolators
• Elastomeric o-rings
• Electromagnetic interference shielding
• Extrusion & fabricated seals
• High-temperature metal seals
|
• Homogeneous & inserted elastomeric shapes
• Medical products fabrication & assembly
• Metal & plastic composite bonded seals
• Precision-cut seals
• Rubber-to-substrate adhesives
• Specialty chemicals
• Structural adhesives
• Thermal management
• Wireless sensing systems
|
||||
|
• Aerospace filters & systems
• Air pollution control & dust collection systems & filters
• Compressed air & gas treatment solutions
• Engine fuel, oil, air & closed crankcase ventilation filtration systems
• Filtration & purification systems
• Fluid condition monitoring systems
• Gas turbine air inlet filters
• Heating, ventilation & air conditioning filters
|
• Hydraulic & lubrication filters & systems
• Industrial & analytical gas generators
• Instrumentation filters
• Membrane, fiber, & sintered metal filters
• Natural gas filters
• Process liquid, air & gas filters
• Sterile air filters
• Water purification filters & systems
|
||||
|
• Check valves
• Diagnostic and Internet of Things ("IoT") sensors
• Hose couplings
• Hose crimpers
• Industrial hose
• Low pressure fittings & adapters
|
• Polytetrafluoroethylene (PTFE) hose & tubing
• Quick couplings
• Rubber & thermoplastic hose
• Tube fittings & adapters
• Tubing & plastic fittings
|
||||
|
• Analytical instruments & sample conditioning systems
• Compressed natural gas dispensers
• Cryogenic valves
• Diesel exhaust treatment systems
• Electronic valves
• Emissions
• Filter driers
• Fluid system & control fittings, meters, valves, regulators & manifold valves
• Fluoropolymer chemical delivery fittings, valves & pumps
|
• High pressure fittings, valves, pumps & systems
• High-purity gas delivery fittings, valves & regulators
• Miniature valves & pumps
• Natural gas on-board fuel systems
• Pressure regulating valves
• Refrigeration & air conditioning electronic controls & monitoring
• Solenoid valves
|
||||
|
Hydraulic Actuation:
• Accumulators
• Coolers
• Cylinders
• Electrohydraulic actuators
• Helical actuators
• Rotary actuators
Hydraulic Pumps & Motors:
• Drive controlled pumps
• Electrohydraulic pumps
• Fan drives
• Gerotor pumps & motors
• Integrated hydrostatic transmissions
• Piston pumps & motors
• Power take-offs
• Screw pumps
• Vane pumps & motors
Hydraulic and Electro Hydraulic Systems:
• Cartridge valves
• Hydraulic valves
• Industrial valves
• Mobile valves
|
Pneumatics:
• Air preparation (FRL) & dryers
• Grippers
• IO link controllers
• Pneumatic cylinders
• Pneumatic valves
Electronics:
• Clusters
• Controllers & human machine interfaces ("HMI")
• Drives (AC/DC Servo)
• Electric actuators & positioners
• Electric motors & gearheads
• Electronic displays & HMI
• IoT
• Joysticks
• Sensors
• Software
|
||||
|
• Control actuation systems & components
• Engine build-up ducting
• Engine exhaust nozzles & assemblies
• Engine systems & components
• Fluid conveyance systems & components
• Fluid metering, delivery & atomization devices
• Fuel systems & components
|
• Fuel tank inerting systems
• Hydraulic systems & components
• Lubrication components
• Pilot controls
• Pneumatic control components
• Thermal management
• Wheels & brakes
|
||||
| Name | Position |
Officer
Since
(1)
|
Age as of
8/15/2021 |
|||||||||||||||||
| Thomas L. Williams | Chairman of the Board, Chief Executive Officer and Director | 2005 | 62 | |||||||||||||||||
| Lee C. Banks | Vice Chairman and President and Director | 2001 | 58 | |||||||||||||||||
| Jennifer A. Parmentier | Chief Operating Officer | 2015 | 54 | |||||||||||||||||
| Todd M. Leombruno | Executive Vice President and Chief Financial Officer | 2017 | 51 | |||||||||||||||||
| Mark J. Hart | Executive Vice President – Human Resources & External Affairs | 2016 | 56 | |||||||||||||||||
| William R. "Skip" Bowman | Vice President and President - Instrumentation Group | 2016 | 63 | |||||||||||||||||
| Berend Bracht | Vice President and President – Motion Systems Group | 2021 | 55 | |||||||||||||||||
| Mark T. Czaja | Vice President - Chief Technology and Innovation Officer | 2021 | 59 | |||||||||||||||||
| Angela R. Ives | Vice President and Controller | 2021 | 48 | |||||||||||||||||
| Thomas C. Gentile | Vice President – Global Supply Chain | 2017 | 49 | |||||||||||||||||
| Joseph R. Leonti | Vice President, General Counsel and Secretary | 2014 | 49 | |||||||||||||||||
| Robert W. Malone | Vice President and President – Filtration Group | 2014 | 57 | |||||||||||||||||
| Dinu J. Parel | Vice President and Chief Digital and Information Officer | 2018 | 40 | |||||||||||||||||
| Andrew D. Ross | Vice President and President – Fluid Connectors Group | 2012 | 54 | |||||||||||||||||
| Roger S. Sherrard | Vice President and President – Aerospace Group | 2003 | 55 | |||||||||||||||||
| Andrew M. Weeks | Vice President and President – Engineered Materials Group | 2015 | 58 | |||||||||||||||||
| ISSUER PURCHASES OF EQUITY SECURITIES | ||||||||||||||||||||||||||
| Period |
(a) Total
Number of Shares Purchased |
(b) Average
Price Paid Per Share |
(c) Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs
(1)
|
(d) Maximum Number
(or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs |
||||||||||||||||||||||
| April 1, 2021 through April 30, 2021 | 52,600 | $ | 317.78 | 52,600 | 9,805,825 | |||||||||||||||||||||
| May 1, 2021 through May 31, 2021 | 50,500 | $ | 311.38 | 50,500 | 9,755,325 | |||||||||||||||||||||
| June 1, 2021 through June 30, 2021 | 58,345 | $ | 300.92 | 58,345 | 9,696,980 | |||||||||||||||||||||
| Total | 161,445 | 161,445 | ||||||||||||||||||||||||
| (dollars in millions) | 2021 | 2020* | ||||||||||||
| Net sales | $ | 14,348 | $ | 13,696 | ||||||||||
| Gross profit margin | 27.2 | % | 24.8 | % | ||||||||||
| Selling, general and administrative expenses | $ | 1,527 | $ | 1,657 | ||||||||||
| Selling, general and administrative expenses, as a percent of sales | 10.6 | % | 12.1 | % | ||||||||||
| Interest expense | $ | 250 | $ | 308 | ||||||||||
| Other (income), net | (17) | (67) | ||||||||||||
| Gain on disposal of assets | (109) | (1) | ||||||||||||
| Effective tax rate | 22.3 | % | 20.2 | % | ||||||||||
| Net income attributable to common shareholders | $ | 1,746 | $ | 1,202 | ||||||||||
| (dollars in millions) | 2021 | 2020 | ||||||||||||
| Expense (income) | ||||||||||||||
| Income related to equity method investments | $ | (41) | $ | (75) | ||||||||||
| Non-service components of retirement benefit cost | 49 | 49 | ||||||||||||
| Interest income | (7) | (31) | ||||||||||||
| Other items, net | (18) | (10) | ||||||||||||
| $ | (17) | $ | (67) | |||||||||||
| (dollars in millions) | 2021 | 2020 | ||||||||||||
| Net Sales | ||||||||||||||
| North America | $ | 6,676 | $ | 6,456 | ||||||||||
| International | 5,284 | 4,505 | ||||||||||||
| Operating income | ||||||||||||||
| North America | 1,247 | 986 | ||||||||||||
| International | 988 | 675 | ||||||||||||
| Operating income as a percent of sales | ||||||||||||||
| North America | 18.7 | % | 15.3 | % | ||||||||||
| International | 18.7 | % | 15.0 | % | ||||||||||
| Backlog | $ | 3,239 | $ | 2,117 | ||||||||||
| 2021 | ||||||||
| Diversified Industrial North America – as reported | 3.4 | % | ||||||
| Acquisitions | 2.9 | % | ||||||
| Currency | 0.1 | % | ||||||
| Diversified Industrial North America – without acquisitions and currency | 0.4 | % | ||||||
| Diversified Industrial International – as reported | 17.3 | % | ||||||
| Acquisitions | 3.0 | % | ||||||
| Currency | 5.4 | % | ||||||
| Diversified Industrial International – without acquisitions and currency | 8.9 | % | ||||||
| Total Diversified Industrial Segment – as reported | 9.1 | % | ||||||
| Acquisitions | 2.9 | % | ||||||
| Currency | 2.3 | % | ||||||
| Total Diversified Industrial Segment – without acquisitions and currency | 3.9 | % | ||||||
| (dollars in millions) | 2021 | 2020 | ||||||||||||
| Diversified Industrial North America | $ | 14 | $ | 41 | ||||||||||
| Diversified Industrial International | 36 | 32 | ||||||||||||
| (dollars in millions) | 2021 | 2020 | ||||||||||||
| Sales | $ | 2,388 | $ | 2,735 | ||||||||||
| Operating income | 403 | 477 | ||||||||||||
| Operating income as a percent of sales | 16.9 | % | 17.4 | % | ||||||||||
| Backlog | $ | 3,264 | $ | 3,021 | ||||||||||
| (dollars in millions) | 2021 | 2020 | ||||||||||||
| Expense (income) | ||||||||||||||
| Corporate general and administrative expense | $ | 178 | $ | 171 | ||||||||||
| Corporate general and administrative expense, as a percent of sales | 1.2 | % | 1.2 | % | ||||||||||
| (dollars in millions) | 2021 | 2020* | ||||||||||||
| Expense (income) | ||||||||||||||
| Foreign currency transaction | $ | (11) | $ | (10) | ||||||||||
| Stock-based compensation | 61 | 52 | ||||||||||||
| Pensions | 22 | 30 | ||||||||||||
| Acquisition expenses | 5 | 119 | ||||||||||||
| Gain on disposal of assets | (109) | (1) | ||||||||||||
| Interest income | (7) | (31) | ||||||||||||
| Other items, net | 2 | (7) | ||||||||||||
| $ | (37) | $ | 152 | |||||||||||
| (dollars in millions) | 2021 | 2020* | ||||||||||||
| Cash | $ | 772 | $ | 756 | ||||||||||
| Trade accounts receivable, net | 2,184 | 1,854 | ||||||||||||
| Inventories | 2,091 | 1,964 | ||||||||||||
| Notes payable and long-term debt payable within one year | 3 | 810 | ||||||||||||
| Long-term debt | 6,582 | 7,652 | ||||||||||||
| Shareholders' equity | 8,398 | 6,227 | ||||||||||||
| Working capital | $ | 2,520 | $ | 1,886 | ||||||||||
| Current ratio | 1.8 | 1.6 | ||||||||||||
| (dollars in millions) | 2021 | 2020 | ||||||||||||
| Cash provided by (used in): | ||||||||||||||
| Operating activities | $ | 2,575 | $ | 2,071 | ||||||||||
| Investing activities | — | (5,024) | ||||||||||||
| Financing activities | (2,623) | 449 | ||||||||||||
| Effect of exchange rates | 96 | (30) | ||||||||||||
| Net increase (decrease) in cash and cash equivalents | $ | 48 | $ | (2,534) | ||||||||||
| Fitch Ratings | BBB+ | |||||||
| Moody's Investor Services, Inc. | Baa1 | |||||||
| Standard & Poor's | BBB+ | |||||||
| (dollars in millions) | Payments due by period | |||||||||||||||||||||||||||||||
| Contractual obligations |
Total
|
Less than 1 year | 1-3 years |
3-5 years
|
More than 5 years | |||||||||||||||||||||||||||
|
Transition tax payments related to U.S. Tax Cuts and Jobs Act ("TCJ Act") (
Note 5
)
|
$ | 187 | $ | — | $ | 59 | $ | 128 | $ | — | ||||||||||||||||||||||
|
Long-term debt
(Note 10)
|
6,646 | 3 | 879 | 1,331 | 4,433 | |||||||||||||||||||||||||||
| Interest on long-term debt | 3,207 | 227 | 436 | 363 | 2,181 | |||||||||||||||||||||||||||
|
Operating leases
(Note 11)
|
142 | 42 | 49 | 26 | 25 | |||||||||||||||||||||||||||
|
Retirement benefits
(Note 12)
|
146 | 108 | 10 | 9 | 19 | |||||||||||||||||||||||||||
| Total | $ | 10,328 | $ | 380 | $ | 1,433 | $ | 1,857 | $ | 6,658 | ||||||||||||||||||||||
|
Page Number
in Form 10-K |
||||||||
|
Financial Statements
|
||||||||
| For the years ended June 30, | ||||||||||||||||||||
| (Dollars in thousands, except per share amounts) | 2021 | 2020* | 2019* | |||||||||||||||||
| Net Sales | $ |
|
$ |
|
$ |
|
||||||||||||||
| Cost of sales |
|
|
|
|||||||||||||||||
| Selling, general and administrative expenses |
|
|
|
|||||||||||||||||
| Interest expense |
|
|
|
|||||||||||||||||
| Other income, net |
(
|
(
|
(
|
|||||||||||||||||
| (Gain) loss on disposal of assets |
(
|
(
|
|
|||||||||||||||||
| Income before income taxes |
|
|
|
|||||||||||||||||
| Income taxes |
|
|
|
|||||||||||||||||
| Net Income |
|
|
|
|||||||||||||||||
| Less: Noncontrolling interest in subsidiaries' earnings |
|
|
|
|||||||||||||||||
| Net Income Attributable to Common Shareholders | $ |
|
$ |
|
$ |
|
||||||||||||||
| Earnings per Share Attributable to Common Shareholders | ||||||||||||||||||||
| Basic earnings per share | $ |
|
$ |
|
$ |
|
||||||||||||||
| Diluted earnings per share | $ |
|
$ |
|
$ |
|
||||||||||||||
| For the years ended June 30, | ||||||||||||||||||||
| (Dollars in thousands) | 2021 | 2020* | 2019* | |||||||||||||||||
| Net Income | $ |
|
$ |
|
$ |
|
||||||||||||||
| Less: Noncontrolling interests in subsidiaries' earnings |
|
|
|
|||||||||||||||||
| Net income attributable to common shareholders |
|
|
|
|||||||||||||||||
| Other comprehensive income (loss), net of tax | ||||||||||||||||||||
|
Foreign currency translation adjustment and other (net of tax of $(
|
|
(
|
(
|
|||||||||||||||||
|
Retirement benefits plan activity (net of tax of $(
|
|
(
|
(
|
|||||||||||||||||
| Other comprehensive income (loss) |
|
(
|
(
|
|||||||||||||||||
| Less: Other comprehensive income (loss) for noncontrolling interests |
|
(
|
|
|||||||||||||||||
| Other comprehensive income (loss) attributable to common shareholders |
|
(
|
(
|
|||||||||||||||||
|
Total Comprehensive Income Attributable to Common Shareholders
|
$ |
|
$ |
|
$ |
|
||||||||||||||
| (Dollars in thousands) | 2021 | 2020* | 2019* | |||||||||||||||||
| Net Sales: | ||||||||||||||||||||
| Diversified Industrial: | ||||||||||||||||||||
| North America | $ |
|
$ |
|
$ |
|
||||||||||||||
| International |
|
|
|
|||||||||||||||||
| Aerospace Systems |
|
|
|
|||||||||||||||||
| $ |
|
$ |
|
$ |
|
|||||||||||||||
| Segment Operating Income: | ||||||||||||||||||||
| Diversified Industrial: | ||||||||||||||||||||
| North America | $ |
|
$ |
|
$ |
|
||||||||||||||
| International |
|
|
|
|||||||||||||||||
| Aerospace Systems |
|
|
|
|||||||||||||||||
| Total segment operating income |
|
|
|
|||||||||||||||||
| Corporate administration |
|
|
|
|||||||||||||||||
| Income before interest expense and other expense |
|
|
|
|||||||||||||||||
| Interest expense |
|
|
|
|||||||||||||||||
| Other (income) expense |
(
|
|
|
|||||||||||||||||
| Income before income taxes | $ |
|
$ |
|
$ |
|
||||||||||||||
| Assets: | ||||||||||||||||||||
| Diversified Industrial | $ |
|
$ |
|
$ |
|
||||||||||||||
|
Aerospace Systems
(a)
|
|
|
|
|||||||||||||||||
| Corporate |
|
|
|
|||||||||||||||||
| $ |
|
$ |
|
$ |
|
|||||||||||||||
| Property Additions: | ||||||||||||||||||||
| Diversified Industrial | $ |
|
$ |
|
$ |
|
||||||||||||||
| Aerospace Systems |
|
|
|
|||||||||||||||||
| Corporate |
|
|
|
|||||||||||||||||
| $ |
|
$ |
|
$ |
|
|||||||||||||||
| Depreciation: | ||||||||||||||||||||
| Diversified Industrial | $ |
|
$ |
|
$ |
|
||||||||||||||
| Aerospace Systems |
|
|
|
|||||||||||||||||
| Corporate |
|
|
|
|||||||||||||||||
| $ |
|
$ |
|
$ |
|
|||||||||||||||
| Amortization: | ||||||||||||||||||||
| Diversified Industrial | $ |
|
$ |
|
$ |
|
||||||||||||||
| Aerospace Systems |
|
|
|
|||||||||||||||||
| $ |
|
$ |
|
$ |
|
|||||||||||||||
| (Dollars in thousands) | 2021 | 2020 | 2019 | |||||||||||||||||
|
By Geographic Area
(b)
|
||||||||||||||||||||
| Net Sales: | ||||||||||||||||||||
| North America | $ |
|
$ |
|
$ |
|
||||||||||||||
| International |
|
|
|
|||||||||||||||||
| $ |
|
$ |
|
$ |
|
|||||||||||||||
| Long-Lived Assets: | ||||||||||||||||||||
| North America | $ |
|
$ |
|
$ |
|
||||||||||||||
| International |
|
|
|
|||||||||||||||||
| $ |
|
$ |
|
$ |
|
|||||||||||||||
| (Dollars in thousands) | ||||||||||||||
| June 30, | 2021 | 2020* | ||||||||||||
| Assets | ||||||||||||||
| Current Assets | ||||||||||||||
| Cash and cash equivalents | $ |
|
$ |
|
||||||||||
| Marketable securities and other investments |
|
|
||||||||||||
| Trade accounts receivable, net |
|
|
||||||||||||
| Non-trade and notes receivable |
|
|
||||||||||||
| Inventories |
|
|
||||||||||||
| Prepaid expenses and other |
|
|
||||||||||||
| Total Current Assets |
|
|
||||||||||||
| Property, plant and equipment |
|
|
||||||||||||
| Less: Accumulated depreciation |
|
|
||||||||||||
| Property, plant and equipment, net |
|
|
||||||||||||
| Deferred income taxes |
|
|
||||||||||||
| Investments and other assets |
|
|
||||||||||||
| Intangible assets, net |
|
|
||||||||||||
| Goodwill |
|
|
||||||||||||
| Total Assets | $ |
|
$ |
|
||||||||||
| Liabilities and Equity | ||||||||||||||
| Current Liabilities | ||||||||||||||
| Notes payable and long-term debt payable within one year | $ |
|
$ |
|
||||||||||
| Accounts payable, trade |
|
|
||||||||||||
| Accrued payrolls and other compensation |
|
|
||||||||||||
| Accrued domestic and foreign taxes |
|
|
||||||||||||
| Other accrued liabilities |
|
|
||||||||||||
| Total Current Liabilities |
|
|
||||||||||||
| Long-term debt |
|
|
||||||||||||
| Pensions and other postretirement benefits |
|
|
||||||||||||
| Deferred income taxes |
|
|
||||||||||||
| Other liabilities |
|
|
||||||||||||
| Total Liabilities |
|
|
||||||||||||
| Equity | ||||||||||||||
| Shareholders' Equity | ||||||||||||||
|
Serial preferred stock, $
|
|
|
||||||||||||
|
Common stock, $
|
|
|
||||||||||||
| Additional capital |
|
|
||||||||||||
| Retained earnings |
|
|
||||||||||||
| Accumulated other comprehensive (loss) |
(
|
(
|
||||||||||||
|
Treasury shares at cost:
|
(
|
(
|
||||||||||||
| Total Shareholders' Equity |
|
|
||||||||||||
| Noncontrolling interests |
|
|
||||||||||||
| Total Equity |
|
|
||||||||||||
| Total Liabilities and Equity | $ |
|
$ |
|
||||||||||
| For the years ended June 30, | ||||||||||||||||||||
| (Dollars in thousands) | 2021 | 2020* | 2019* | |||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||
|
Net income
|
$ |
|
$ |
|
$ |
|
||||||||||||||
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||||||||||||||
| Depreciation |
|
|
|
|||||||||||||||||
| Amortization |
|
|
|
|||||||||||||||||
| Stock incentive plan compensation |
|
|
|
|||||||||||||||||
| Deferred income taxes |
(
|
|
|
|||||||||||||||||
| Foreign currency transaction (gain) loss |
(
|
(
|
|
|||||||||||||||||
| (Gain) loss on sale of property, plant and equipment |
(
|
(
|
|
|||||||||||||||||
| Loss on sale of businesses |
|
|
|
|||||||||||||||||
| Gain on sale and impairment of investments |
(
|
(
|
(
|
|||||||||||||||||
| (Gain) loss on marketable securities |
(
|
(
|
|
|||||||||||||||||
| Other |
|
|
|
|||||||||||||||||
|
Changes in assets and liabilities, net of effects from acquisitions:
|
||||||||||||||||||||
|
Accounts receivable
|
(
|
|
|
|||||||||||||||||
|
Inventories
|
(
|
|
(
|
|||||||||||||||||
| Prepaid expenses and other |
(
|
(
|
(
|
|||||||||||||||||
|
Other assets
|
(
|
(
|
|
|||||||||||||||||
|
Accounts payable, trade
|
|
(
|
(
|
|||||||||||||||||
|
Accrued payrolls and other compensation
|
|
(
|
|
|||||||||||||||||
|
Accrued domestic and foreign taxes
|
|
|
(
|
|||||||||||||||||
|
Other accrued liabilities
|
|
(
|
|
|||||||||||||||||
|
Pensions and other postretirement benefits
|
|
|
(
|
|||||||||||||||||
|
Other liabilities
|
|
(
|
(
|
|||||||||||||||||
| Net cash provided by operating activities |
|
|
|
|||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||
|
Acquisitions (net of cash acquired of $
|
|
(
|
(
|
|||||||||||||||||
| Capital expenditures |
(
|
(
|
(
|
|||||||||||||||||
| Proceeds from sale of property, plant and equipment |
|
|
|
|||||||||||||||||
| Proceeds from sale of businesses |
|
|
|
|||||||||||||||||
| Purchase of marketable securities and other investments |
(
|
(
|
(
|
|||||||||||||||||
| Maturities and sales of marketable securities and other investments |
|
|
|
|||||||||||||||||
| Other |
|
|
|
|||||||||||||||||
| Net cash used in investing activities |
(
|
(
|
(
|
|||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||
| Proceeds from exercise of stock options |
|
|
|
|||||||||||||||||
| Payments for common shares |
(
|
(
|
(
|
|||||||||||||||||
| Acquisition of noncontrolling interests |
|
(
|
|
|||||||||||||||||
| (Payments of) proceeds from notes payable, net |
(
|
|
|
|||||||||||||||||
| Proceeds from long-term borrowings |
|
|
|
|||||||||||||||||
| Payments for long-term borrowings |
(
|
(
|
(
|
|||||||||||||||||
| Dividends paid |
(
|
(
|
(
|
|||||||||||||||||
| Net cash (used in) provided by financing activities |
(
|
|
|
|||||||||||||||||
| Effect of exchange rate changes on cash |
|
(
|
(
|
|||||||||||||||||
| Net increase (decrease) in cash and cash equivalents |
|
(
|
|
|||||||||||||||||
| Cash and cash equivalents at beginning of year |
|
|
|
|||||||||||||||||
| Cash and cash equivalents at end of year | $ |
|
$ |
|
$ |
|
||||||||||||||
| Supplemental Data: | ||||||||||||||||||||
| Cash paid during the year for: | ||||||||||||||||||||
| Interest | $ |
|
$ |
|
$ |
|
||||||||||||||
| Income taxes |
|
|
|
|||||||||||||||||
| (Dollars in thousands) | Common Stock | Additional Capital | Retained Earnings* | Accumulated Other Comprehensive (Loss) | Treasury Shares | Noncontrolling Interests | Total* | |||||||||||||||||||||||||||||||||||||
| Balance July 1, 2018 (As reported) | $ |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||
| Inventory accounting method change |
|
|
||||||||||||||||||||||||||||||||||||||||||
| Balance July 1, 2018* | $ |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||
| Impact of adoption of accounting standards |
|
(
|
|
|||||||||||||||||||||||||||||||||||||||||
| Net income* |
|
|
|
|||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) |
(
|
|
(
|
|||||||||||||||||||||||||||||||||||||||||
|
Dividends paid ($
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||||||||||||||
| Stock incentive plan activity |
(
|
|
|
|||||||||||||||||||||||||||||||||||||||||
| Shares purchased at cost |
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||
| Balance June 30, 2019* | $ |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||
| Net income* |
|
|
|
|||||||||||||||||||||||||||||||||||||||||
| Other comprehensive (loss) |
(
|
(
|
(
|
|||||||||||||||||||||||||||||||||||||||||
|
Dividends paid ($
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||||||||||||||
| Stock incentive plan activity |
(
|
|
|
|||||||||||||||||||||||||||||||||||||||||
| Acquisition activity |
|
|
|
|||||||||||||||||||||||||||||||||||||||||
| Shares purchased at cost |
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||
| Balance June 30, 2020* | $ |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||
| Net income |
|
|
|
|||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income |
|
|
|
|||||||||||||||||||||||||||||||||||||||||
|
Dividends paid ($
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||||||||||||||
| Stock incentive plan activity |
(
|
|
|
|||||||||||||||||||||||||||||||||||||||||
| Shares purchased at cost |
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||
| Balance June 30, 2021 | $ |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||
| June 30, | 2021 | 2020 | ||||||||||||
| Notes receivable | $ |
|
$ |
|
||||||||||
| Accounts receivable, other |
|
|
||||||||||||
| Total | $ |
|
$ |
|
||||||||||
| June 30, | 2021 | 2020 | ||||||||||||
| Land and land improvements | $ |
|
$ |
|
||||||||||
| Buildings and building equipment |
|
|
||||||||||||
| Machinery and equipment |
|
|
||||||||||||
| Construction in progress |
|
|
||||||||||||
| Total | $ |
|
$ |
|
||||||||||
| 2021 | 2020 | |||||||||||||
| Motion Systems | $ |
|
$ |
|
||||||||||
| Flow and Process Control |
|
|
||||||||||||
| Filtration and Engineered Materials |
|
|
||||||||||||
| Total | $ |
|
$ |
|
||||||||||
| 2021 | 2020 | |||||||||||||
| Flight Control Actuation | $ |
|
$ |
|
||||||||||
| Fuel and Inerting |
|
|
||||||||||||
| Hydraulics |
|
|
||||||||||||
| Engines |
|
|
||||||||||||
| Fluid Conveyance |
|
|
||||||||||||
| Other |
|
|
||||||||||||
| Total | $ |
|
$ |
|
||||||||||
| 2021 | 2020 | |||||||||||||
| North America | $ |
|
$ |
|
||||||||||
| Europe |
|
|
||||||||||||
| Asia Pacific |
|
|
||||||||||||
| Latin America |
|
|
||||||||||||
| Total | $ |
|
$ |
|
||||||||||
| 2021 | 2020 | |||||||||||||
| Contract assets, current (included within Prepaid expenses and other) | $ |
|
$ |
|
||||||||||
| Contract assets, noncurrent (included within Investments and other assets) |
|
|
||||||||||||
| Total contract assets |
|
|
||||||||||||
| Contract liabilities, current (included within Other accrued liabilities) |
(
|
(
|
||||||||||||
| Contract liabilities, noncurrent (included within Other liabilities) |
(
|
(
|
||||||||||||
| Total contract liabilities |
(
|
(
|
||||||||||||
| Net contract liabilities | $ |
(
|
$ |
(
|
||||||||||
| Lord | Exotic | ||||||||||
| October 29, 2019 | September 16, 2019 | ||||||||||
| Assets: | |||||||||||
| Cash and cash equivalents | $ |
|
$ |
|
|||||||
| Accounts receivable |
|
|
|||||||||
| Inventories |
|
|
|||||||||
| Prepaid expenses |
|
|
|||||||||
| Property, plant and equipment |
|
|
|||||||||
| Deferred income taxes |
|
|
|||||||||
| Other assets |
|
|
|||||||||
| Intangible assets |
|
|
|||||||||
| Goodwill |
|
|
|||||||||
| Total assets acquired |
|
|
|||||||||
| Liabilities: | |||||||||||
| Notes payable and long-term debt payable within one year |
|
|
|||||||||
| Accounts payable, trade |
|
|
|||||||||
| Accrued payrolls and other compensation |
|
|
|||||||||
| Accrued domestic and foreign taxes |
|
|
|||||||||
| Other accrued liabilities |
|
|
|||||||||
| Long-term debt |
|
|
|||||||||
| Pensions and other postretirement benefits |
|
|
|||||||||
| Deferred income taxes |
|
|
|||||||||
| Other liabilities |
|
|
|||||||||
| Noncontrolling interests |
|
|
|||||||||
| Total liabilities and noncontrolling interests assumed |
|
|
|||||||||
| Net assets acquired | $ |
|
$ |
|
|||||||
| 2021 | 2020 | 2019 | |||||||||||||||
| Diversified Industrial | $ |
|
$ |
|
$ |
|
|||||||||||
| Aerospace Systems |
|
|
|
||||||||||||||
| Corporate administration |
|
|
|
||||||||||||||
| Other expense |
|
|
|
||||||||||||||
| 2021 | 2020 | 2019 | |||||||||||||||
| Diversified Industrial |
|
|
|
||||||||||||||
| Aerospace Systems |
|
|
|
||||||||||||||
| Corporate administration |
|
|
|
||||||||||||||
| 2021 | 2020 | 2019 | |||||||||||||||
| Cost of sales | $ |
|
$ |
|
$ |
|
|||||||||||
| Selling, general and administrative expenses |
|
|
|
||||||||||||||
| (Gain) loss on disposal of assets |
|
|
|
||||||||||||||
| 2021 | 2020 | ||||||||||
| Diversified Industrial | $ |
|
$ |
|
|||||||
| Aerospace Systems |
|
|
|||||||||
| 2021 | 2020 | 2019 | |||||||||||||||
| United States | $ |
|
$ |
|
$ |
|
|||||||||||
| Foreign |
|
|
|
||||||||||||||
| $ |
|
$ |
|
$ |
|
||||||||||||
| 2021 | 2020 | 2019 | |||||||||||||||
| Federal | |||||||||||||||||
| Current | $ |
|
$ |
|
$ |
|
|||||||||||
| Deferred |
(
|
|
|
||||||||||||||
| Foreign | |||||||||||||||||
| Current |
|
|
|
||||||||||||||
| Deferred |
|
(
|
|
||||||||||||||
| State and local | |||||||||||||||||
| Current |
|
|
|
||||||||||||||
| Deferred |
(
|
|
|
||||||||||||||
| $ |
|
$ |
|
$ |
|
||||||||||||
| 2021 | 2020 | 2019 | |||||||||||||||
| Statutory federal income tax rate |
|
% |
|
% |
|
% | |||||||||||
| State and local income taxes |
|
|
|
||||||||||||||
| Tax related to international activities |
|
|
|
||||||||||||||
| Transition tax related to the TCJ Act |
|
(
|
|
||||||||||||||
| Remeasurement of deferred tax assets and liabilities related to the TCJ Act |
|
|
(
|
||||||||||||||
| Cash surrender value of life insurance |
(
|
(
|
(
|
||||||||||||||
| Federal manufacturing deduction |
|
|
|
||||||||||||||
| Foreign derived intangible income deduction |
(
|
(
|
(
|
||||||||||||||
| Research tax credit |
(
|
(
|
(
|
||||||||||||||
| Share-based compensation |
(
|
(
|
(
|
||||||||||||||
| Other |
|
|
(
|
||||||||||||||
| Effective income tax rate |
|
% |
|
% |
|
% | |||||||||||
| 2021 | 2020 | ||||||||||
| Retirement benefits | $ |
|
$ |
|
|||||||
| Other liabilities and reserves |
|
|
|||||||||
| Long-term contracts |
|
|
|||||||||
| Stock-based compensation |
|
|
|||||||||
| Loss carryforwards |
|
|
|||||||||
| Unrealized currency exchange gains and losses |
|
|
|||||||||
| Inventory |
(
|
(
|
|||||||||
| Tax credit carryforwards |
|
|
|||||||||
| Undistributed foreign earnings |
(
|
(
|
|||||||||
| Depreciation and amortization |
(
|
(
|
|||||||||
| Valuation allowance |
(
|
(
|
|||||||||
| Net deferred tax (liability) | $ |
(
|
$ |
(
|
|||||||
| Change in net deferred tax (liability): | |||||||||||
| Provision for deferred tax | $ |
|
$ |
(
|
|||||||
| Items of other comprehensive (loss) income |
(
|
|
|||||||||
| Acquisitions and other |
|
(
|
|||||||||
| Total change in net deferred tax | $ |
(
|
$ |
(
|
|||||||
| 2021 | 2020 | 2019 | |||||||||||||||
| Balance July 1 | $ |
|
$ |
|
$ |
|
|||||||||||
| Additions for tax positions related to current year |
|
|
|
||||||||||||||
| Additions for tax positions of prior years |
|
|
|
||||||||||||||
| Additions for acquisitions |
|
|
|
||||||||||||||
| Reductions for tax positions of prior years |
(
|
(
|
(
|
||||||||||||||
| Reductions for settlements |
(
|
(
|
(
|
||||||||||||||
| Reductions for expiration of statute of limitations |
(
|
(
|
(
|
||||||||||||||
| Effect of foreign currency translation |
|
(
|
(
|
||||||||||||||
| Balance June 30 | $ |
|
$ |
|
$ |
|
|||||||||||
| 2021 | 2020* | 2019* | |||||||||||||||
| Numerator: | |||||||||||||||||
| Net income attributable to common shareholders | $ |
|
$ |
|
$ |
|
|||||||||||
| Denominator: | |||||||||||||||||
| Basic - weighted-average common shares |
|
|
|
||||||||||||||
| Increase in weighted-average common shares from dilutive effect of equity-based awards |
|
|
|
||||||||||||||
| Diluted - weighted-average common shares, assuming exercise of equity-based awards |
|
|
|
||||||||||||||
| Basic earnings per share | $ |
|
$ |
|
$ |
|
|||||||||||
| Diluted earnings per share | $ |
|
$ |
|
$ |
|
|||||||||||
| June 30, | 2021 | 2020* | ||||||||||||
| Finished products | $ |
|
$ |
|
||||||||||
| Work in process |
|
|
||||||||||||
| Raw materials |
|
|
||||||||||||
| Total | $ |
|
$ |
|
||||||||||
| 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Dollars in thousands, except per share amounts | As Computed Under LIFO | As Reported Under FIFO | Effect of Change | As Reported | Adjusted | Effect of Change | As Reported | Adjusted | Effect of Change | ||||||||||||||||||||||||||||||||||||||||||||
| Consolidated Statements of Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cost of sales | $ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
|||||||||||||||||||||||||||||||||||
| Income before income taxes |
|
|
|
|
|
(
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense |
|
|
|
|
|
(
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Net income |
|
|
|
|
|
(
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Net income attributable to common shareholders |
|
|
|
|
|
(
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Earnings per share attributable to common shareholders: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basic | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
| Diluted | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
| Consolidated Statements of Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
| Net income attributable to common shareholders |
|
|
|
|
|
(
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Total comprehensive income attributable to common shareholders |
|
|
|
|
|
(
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Dollars in thousands, except per share amounts | As Computed Under LIFO | As Reported Under FIFO | Effect of Change | As Reported | Adjusted | Effect of Change | As Reported | Adjusted | Effect of Change | ||||||||||||||||||||||||||||||||||||||||||||
| Consolidated Balance Sheets | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|
|
|
||||||||||||||||||||||||||||||||||||||
| Deferred income taxes - noncurrent liability |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Retained earnings |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Consolidated Statements of Cash Flows | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$
|
$ |
|
||||||||||||||||||||||||||||||||||||
| Deferred income taxes |
(
|
(
|
|
|
|
(
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Inventories |
(
|
(
|
(
|
|
|
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Unaudited) | September 30, 2020 | December 31, 2020 | March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Dollars in thousands, except per share amounts | As Reported | Adjusted | Effect of Change | As Reported | Adjusted | Effect of Change | As Reported | Adjusted | Effect of Change | ||||||||||||||||||||||||||||||||||||||||||||
| Consolidated Statements of Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cost of sales | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
(
|
|||||||||||||||||||||||||||||||||||
| Income before income taxes |
|
|
(
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense |
|
|
(
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Net income |
|
|
(
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Net income attributable to common shareholders |
|
|
(
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Earnings per share attributable to common shareholders: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basic | $ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
| Diluted | $ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Unaudited) | September 30, 2019 | December 31, 2019 | March 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Dollars in thousands, except per share amounts | As Reported | Adjusted | Effect of Change | As Reported | Adjusted | Effect of Change | As Reported | Adjusted | Effect of Change | ||||||||||||||||||||||||||||||||||||||||||||
| Consolidated Statements of Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cost of sales | $ |
|
$ |
|
$ |
|
$ |
|
$
|
$ |
|
$
|
$
|
$ |
(
|
||||||||||||||||||||||||||||||||||||||
| Income before income taxes |
|
|
(
|
|
|
(
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense |
|
|
(
|
|
|
(
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Net income |
|
|
(
|
|
|
(
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Net income attributable to common shareholders |
|
|
(
|
|
|
(
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Earnings per share attributable to common shareholders: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basic | $ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
| Diluted | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
| Diversified Industrial Segment | Aerospace Systems Segment | Total | |||||||||||||||
| Balance June 30, 2019 | $ |
|
$ |
|
$ |
|
|||||||||||
| Acquisitions |
|
|
|
||||||||||||||
| Foreign currency translation and other |
(
|
(
|
(
|
||||||||||||||
| Balance June 30, 2020 | $ |
|
$ |
|
$ |
|
|||||||||||
| Acquisitions |
|
|
|
||||||||||||||
| Foreign currency translation and other |
|
|
|
||||||||||||||
| Balance June 30, 2021 | $ |
|
$ |
|
$ |
|
|||||||||||
| 2021 | 2020 | ||||||||||||||||||||||
| Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||||||
| Patents and technology | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Trademarks |
|
|
|
|
|||||||||||||||||||
| Customer lists and other |
|
|
|
|
|||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| June 30, | 2021 | 2020 | ||||||||||||
| Domestic: | ||||||||||||||
|
Fixed rate medium-term notes,
|
$ |
|
$ |
|
||||||||||
|
Senior Notes,
|
|
|
||||||||||||
|
Term loans, Libor plus
|
|
|
||||||||||||
| Foreign: | ||||||||||||||
|
Euro Senior Notes,
|
|
|
||||||||||||
| Other long-term debt |
|
|
||||||||||||
| Deferred debt issuance costs |
(
|
(
|
||||||||||||
| Total long-term debt |
|
|
||||||||||||
|
Less: Long-term debt payable within one year
|
|
|
||||||||||||
| Long-term debt, net | $ |
|
$ |
|
||||||||||
| 2021 | 2020 | ||||||||||
| Operating lease expense | $ |
|
$ |
|
|||||||
| Short-term lease cost |
|
|
|||||||||
| Variable lease cost |
|
|
|||||||||
| Total lease cost | $ |
|
$ |
|
|||||||
| 2021 | 2020 | ||||||||||
| Cash paid for amounts included in the measurement of operating lease liabilities | $ |
|
$ |
|
|||||||
| Right-of-use assets obtained in exchange for operating lease obligations |
|
|
|||||||||
| 2021 | 2020 | ||||||||||
| $ |
|
$ |
|
||||||||
| $ |
|
$ |
|
||||||||
|
|
|
||||||||||
| Total operating lease liabilities | $ |
|
$ |
|
|||||||
| Weighted average remaining lease term |
|
|
|||||||||
| Weighted average discount rate |
|
% |
|
% | |||||||
| Operating Leases | |||||
| 2022 | $ |
|
|||
| 2023 |
|
||||
| 2024 |
|
||||
| 2025 |
|
||||
| 2026 |
|
||||
| Thereafter |
|
||||
| Total operating lease payments | $ |
|
|||
| Less imputed interest |
|
||||
| Total operating lease liabilities | $ |
|
|||
| 2021 | 2020 | 2019 | |||||||||||||||
| Benefit cost | |||||||||||||||||
| Service cost | $ |
|
$ |
|
$ |
|
|||||||||||
| Interest cost |
|
|
|
||||||||||||||
| Expected return on plan assets |
(
|
(
|
(
|
||||||||||||||
| Amortization of prior service cost |
|
|
|
||||||||||||||
| Amortization of unrecognized actuarial loss |
|
|
|
||||||||||||||
| Amortization of transition obligation |
|
|
|
||||||||||||||
| Net periodic benefit cost | $ |
|
$ |
|
$ |
|
|||||||||||
| 2021 | 2020 | ||||||||||
| Change in benefit obligation | |||||||||||
| Benefit obligation at beginning of year | $ |
|
$ |
|
|||||||
| Service cost |
|
|
|||||||||
| Interest cost |
|
|
|||||||||
| Acquisition |
|
|
|||||||||
| Plan amendments |
|
|
|||||||||
| Actuarial (gain) loss |
(
|
|
|||||||||
| Benefits paid |
(
|
(
|
|||||||||
| Foreign currency translation and other |
|
(
|
|||||||||
| Benefit obligation at end of year | $ |
|
$ |
|
|||||||
| Change in plan assets | |||||||||||
| Fair value of plan assets at beginning of year | $ |
|
$ |
|
|||||||
| Actual gain on plan assets |
|
|
|||||||||
| Acquisition |
|
|
|||||||||
| Employer contributions |
|
|
|||||||||
| Benefits paid |
(
|
(
|
|||||||||
| Foreign currency translation and other |
|
(
|
|||||||||
| Fair value of plan assets at end of year | $ |
|
$ |
|
|||||||
| Funded status | $ |
(
|
$ |
(
|
|||||||
| Amounts recognized on the Consolidated Balance Sheet | |||||||||||
| Other accrued liabilities | $ |
(
|
$ |
(
|
|||||||
| Pensions and other postretirement benefits |
(
|
(
|
|||||||||
| Net amount recognized | $ |
(
|
$ |
(
|
|||||||
| Amounts recognized in Accumulated Other Comprehensive (Loss) | |||||||||||
| Net actuarial loss | $ |
|
$ |
|
|||||||
| Prior service cost |
|
|
|||||||||
| Transition obligation |
|
|
|||||||||
| Net amount recognized | $ |
|
$ |
|
|||||||
| 2021 | 2020 | ||||||||||
|
Accumulated benefit obligation
|
$ |
|
$ |
|
|||||||
|
Fair value of plan assets
|
|
|
|||||||||
| 2021 | 2020 | ||||||||||
|
Projected benefit obligation
|
$ |
|
$ |
|
|||||||
|
Fair value of plan assets
|
|
|
|||||||||
| 2021 | 2020 | 2019 | |||||||||||||||
| U.S. defined benefit plan | |||||||||||||||||
| Discount rate |
|
% |
|
% |
|
% | |||||||||||
| Average increase in compensation |
|
% |
|
% |
|
% | |||||||||||
| Expected return on plan assets |
|
% |
|
% |
|
% | |||||||||||
| Non-U.S. defined benefit plans | |||||||||||||||||
| Discount rate |
|
|
|
||||||||||||||
| Average increase in compensation |
|
|
|
||||||||||||||
| Expected return on plan assets |
|
|
|
||||||||||||||
| 2021 | 2020 | ||||||||||
| U.S. defined benefit plan | |||||||||||
| Discount rate |
|
% |
|
% | |||||||
| Average increase in compensation |
|
% |
|
% | |||||||
| Non-U.S. defined benefit plans | |||||||||||
| Discount rate |
|
|
|||||||||
| Average increase in compensation |
|
|
|||||||||
| 2021 | 2020 | ||||||||||
| Equity securities |
|
% |
|
% | |||||||
| Debt securities |
|
% |
|
% | |||||||
| Other investments |
|
% |
|
% | |||||||
|
|
% |
|
% | ||||||||
| June 30, 2021 |
Quoted Prices In
Active Markets (Level 1) |
Significant Other
Observable Inputs (Level 2) |
Significant
Unobservable Inputs (Level 3) |
||||||||||||||||||||
| Cash and cash equivalents | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Equity securities | |||||||||||||||||||||||
| U.S. based companies |
|
|
|
|
|||||||||||||||||||
| Non-U.S. based companies |
|
|
|
|
|||||||||||||||||||
| Fixed income securities | |||||||||||||||||||||||
| Corporate debt securities |
|
|
|
|
|||||||||||||||||||
| Government issued securities |
|
|
|
|
|||||||||||||||||||
| Mutual funds | |||||||||||||||||||||||
| Equity funds |
|
|
|
|
|||||||||||||||||||
| Fixed income funds |
|
|
|
|
|||||||||||||||||||
| Mutual funds measured at net asset value |
|
||||||||||||||||||||||
| Common/Collective trusts measured at net asset value |
|
||||||||||||||||||||||
| Limited Partnerships measured at net asset value |
|
||||||||||||||||||||||
| Miscellaneous |
|
|
|
|
|||||||||||||||||||
| Total at June 30, 2021 | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| June 30, 2020 |
Quoted Prices In
Active Markets (Level 1) |
Significant Other
Observable Inputs (Level 2) |
Significant
Unobservable Inputs (Level 3) |
||||||||||||||||||||
| Cash and cash equivalents | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Equity securities | |||||||||||||||||||||||
| U.S. based companies |
|
|
|
|
|||||||||||||||||||
| Non-U.S. based companies |
|
|
|
|
|||||||||||||||||||
| Fixed income securities | |||||||||||||||||||||||
| Corporate debt securities |
|
|
|
|
|||||||||||||||||||
| Government issued securities |
|
|
|
|
|||||||||||||||||||
| Mutual funds | |||||||||||||||||||||||
| Equity funds |
|
|
|
|
|||||||||||||||||||
| Fixed income funds |
|
|
|
|
|||||||||||||||||||
| Mutual funds measured at net asset value |
|
||||||||||||||||||||||
| Common/Collective trusts | |||||||||||||||||||||||
| Common/Collective trusts measured at net asset value |
|
||||||||||||||||||||||
| Limited Partnerships measured at net asset value |
|
||||||||||||||||||||||
| Miscellaneous |
(
|
|
(
|
|
|||||||||||||||||||
| Total at June 30, 2020 | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| 2021 | 2020 | 2019 | |||||||||||||||
| Shares held by ESOP |
|
|
|
||||||||||||||
| Company matching contributions | $ |
|
$ |
|
$ |
|
|||||||||||
| 2021 | 2020 | ||||||||||
| Change in benefit obligation | |||||||||||
| Benefit obligation at beginning of year | $ |
|
$ |
|
|||||||
| Service cost |
|
|
|||||||||
| Interest cost |
|
|
|||||||||
| Acquisition |
|
|
|||||||||
| Actuarial (gain) loss |
(
|
|
|||||||||
| Benefits paid |
(
|
(
|
|||||||||
| Benefit obligation at end of year | $ |
|
$ |
|
|||||||
| Funded status | $ |
(
|
$ |
(
|
|||||||
| Amounts recognized on the Consolidated Balance Sheet | |||||||||||
| Other accrued liabilities | $ |
(
|
$ |
(
|
|||||||
| Pensions and other postretirement benefits |
(
|
(
|
|||||||||
| Net amount recognized | $ |
(
|
$ |
(
|
|||||||
| Amounts recognized in Accumulated Other Comprehensive (Loss) | |||||||||||
| Net actuarial gain | $ |
(
|
$ |
(
|
|||||||
| Prior service credit |
|
(
|
|||||||||
| Net amount recognized | $ |
(
|
$ |
(
|
|||||||
| 2021 | 2020 | 2019 | |||||||||||||||
| Discount rate |
|
% |
|
% |
|
% | |||||||||||
| Current medical cost trend rate (Pre-65 participants) |
|
% |
|
% |
|
% | |||||||||||
| Current medical cost trend rate (Post-65 participants) |
|
% |
|
% |
|
% | |||||||||||
| Ultimate medical cost trend rate |
|
% |
|
% |
|
% | |||||||||||
| Medical cost trend rate decreases to ultimate in year |
|
|
|
||||||||||||||
| Foreign Currency Translation Adjustment and Other | Retirement Benefit Plans | Total | |||||||||||||||
| Balance June 30, 2019 | $ |
(
|
$ |
(
|
$ |
(
|
|||||||||||
| Other comprehensive (loss) before reclassifications |
(
|
(
|
(
|
||||||||||||||
| Amounts reclassified from accumulated other comprehensive (loss) |
|
|
|
||||||||||||||
| Balance June 30, 2020 | $ |
(
|
$ |
(
|
$ |
(
|
|||||||||||
| Other comprehensive income before reclassifications |
|
|
|
||||||||||||||
| Amounts reclassified from accumulated other comprehensive (loss) |
|
|
|
||||||||||||||
| Balance June 30, 2021 | $ |
(
|
$ |
(
|
$ |
(
|
|||||||||||
| Details about Accumulated Other Comprehensive (Loss) Components | Income (Expense) Reclassified from Accumulated Other Comprehensive (Loss) | Consolidated Statement of Income Classification | ||||||||||||
| Retirement benefit plans | ||||||||||||||
| Amortization of prior service cost and initial net obligation | $ |
(
|
Other (income) expense, net | |||||||||||
| Recognized actuarial loss |
(
|
Other (income) expense, net | ||||||||||||
| Total before tax |
(
|
|||||||||||||
| Tax benefit |
|
|||||||||||||
| Net of tax | $ |
(
|
||||||||||||
| Details about Accumulated Other Comprehensive (Loss) Components | Income (Expense) Reclassified from Accumulated Other Comprehensive (Loss) | Consolidated Statement of Income Classification | ||||||||||||
| Retirement benefit plans | ||||||||||||||
| Amortization of prior service cost and initial net obligation | $ |
(
|
Other (income) expense, net | |||||||||||
| Recognized actuarial loss |
(
|
Other (income) expense, net | ||||||||||||
| Total before tax |
(
|
|||||||||||||
| Tax benefit |
|
|||||||||||||
| Net of tax | $ |
(
|
||||||||||||
| 2021 | 2020 | 2019 | |||||||||||||||
| Shares repurchased |
|
|
|
||||||||||||||
| Average price per share including commissions | $ |
|
$ |
|
$ |
|
|||||||||||
| 2021 | 2020 | 2019 | |||||||||||||||
| Risk-free interest rate |
|
% |
|
% |
|
% | |||||||||||
| Expected life of award |
|
|
|
||||||||||||||
| Expected dividend yield of stock |
|
% |
|
% |
|
% | |||||||||||
| Expected volatility of stock |
|
% |
|
% |
|
% | |||||||||||
| Weighted-average fair value | $ |
|
$ |
|
$ |
|
|||||||||||
| Number of Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||||||||||||
| Outstanding June 30, 2020 |
|
$ |
|
||||||||||||||||||||
| Granted |
|
$ |
|
||||||||||||||||||||
| Exercised |
(
|
$ |
|
||||||||||||||||||||
| Canceled |
(
|
$ |
|
||||||||||||||||||||
| Outstanding June 30, 2021 |
|
$ |
|
|
$ |
|
|||||||||||||||||
| Exercisable June 30, 2021 |
|
$ |
|
|
$ |
|
|||||||||||||||||
| Number of Shares | Weighted-Average Grant Date Fair Value | ||||||||||
| Nonvested June 30, 2020 |
|
$ |
|
||||||||
| Granted |
|
$ |
|
||||||||
| Vested |
(
|
$ |
|
||||||||
| Canceled |
(
|
$ |
|
||||||||
| Nonvested June 30, 2021 |
|
$ |
|
||||||||
| 2021 | 2020 | 2019 | |||||||||||||||
| Net cash proceeds | $ |
|
$ |
|
$ |
|
|||||||||||
| Intrinsic value |
|
|
|
||||||||||||||
| Income tax benefit | $ |
|
$ |
|
$ |
|
|||||||||||
| Number of shares surrendered |
|
|
|
||||||||||||||
| Number of Shares | Weighted-Average Grant Date Fair Value | ||||||||||
| Nonvested June 30, 2020 |
|
$ |
|
||||||||
| Granted |
|
$ |
|
||||||||
| Vested |
(
|
$ |
|
||||||||
| Canceled |
(
|
$ |
|
||||||||
| Nonvested June 30, 2021 |
|
$ |
|
||||||||
| Number of Shares | Weighted-Average Grant Date Fair Value | ||||||||||
| Nonvested June 30, 2020 |
|
$ |
|
||||||||
| Granted |
|
$ |
|
||||||||
| Vested |
(
|
$ |
|
||||||||
|
Canceled
|
(
|
$ |
|
||||||||
| Nonvested June 30, 2021 |
|
$ |
|
||||||||
| Stock issued and surrendered for LTIP | 2021 | 2020 | 2019 | |||||||||||||||||
| LTIP three-year plan | 2018-19-20 | 2017-18-19 | 2016-17-18 | |||||||||||||||||
| Number of shares issued |
|
|
|
|||||||||||||||||
| Number of shares surrendered |
|
|
|
|||||||||||||||||
| Share value on date of issuance | $ |
|
$ |
|
$ |
|
||||||||||||||
| Total value of shares issued | $ |
|
$ |
|
$ |
|
||||||||||||||
| Number of Shares | Weighted-Average Grant Date Fair Value | ||||||||||
| Nonvested June 30, 2020 |
|
$ |
|
||||||||
| Granted |
|
$ |
|
||||||||
| Vested |
(
|
$ |
|
||||||||
| Canceled |
(
|
$ |
|
||||||||
| Nonvested June 30, 2021 |
|
$ |
|
||||||||
| 2021 | 2020 | |||||||||||||
| Carrying value of long-term debt | $ |
|
$ |
|
||||||||||
| Estimated fair value of long-term debt |
|
|
||||||||||||
| Balance Sheet Caption | 2021 | 2020 | |||||||||||||||
| Net investment hedges | |||||||||||||||||
|
Cross-currency swap contracts
|
Other liabilities
|
$ |
|
$ |
|
||||||||||||
| Cash flow hedges | |||||||||||||||||
| Forward exchange contracts | Non-trade and notes receivable |
|
|
||||||||||||||
| Forward exchange contracts | Other accrued liabilities |
|
|
||||||||||||||
|
Costless collar contracts
|
Non-trade and notes receivable
|
|
|
||||||||||||||
|
Costless collar contracts
|
Other accrued liabilities
|
|
|
||||||||||||||
| 2021 | 2020 | ||||||||||
| Cross-currency swap contracts | $ |
(
|
$ |
(
|
|||||||
| Foreign denominated debt |
(
|
|
|||||||||
| June 30, 2021 |
Quoted Prices In
Active Markets (Level 1) |
Significant Other
Observable Inputs (Level 2) |
Significant
Unobservable Inputs (Level 3) |
|||||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||||
| Equity securities | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
| Derivatives |
|
|
|
|
||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||
| Derivatives |
|
|
|
|
||||||||||||||||||||||
| June 30, 2020 |
Quoted Prices In
Active Markets (Level 1) |
Significant Other
Observable Inputs (Level 2) |
Significant
Unobservable Inputs (Level 3) |
|||||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||||
| Equity securities | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
| Derivatives |
|
|
|
|
||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||
| Derivatives |
|
|
|
|
||||||||||||||||||||||
| Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under Equity compensation plans | ||||||||
| Equity compensation plans approved by security holders |
5,498,710
(1)
|
$154.85 |
21,200,533
(2)
|
||||||||
| Equity compensation plans not approved by security holders | — | — | — | ||||||||
| Total | 5,498,710 | $154.85 | 21,200,533 | ||||||||
|
Page Number
in Form 10-K |
|||||||||||
|
1.
Financial Statements
|
|||||||||||
|
Consolidated Statement of Income
|
|||||||||||
| Consolidated Statement of Comprehensive Income | |||||||||||
| Business Segment Information | |||||||||||
| Consolidated Balance Sheet | |||||||||||
| Consolidated Statement of Cash Flows | |||||||||||
| Consolidated Statement of Equity | |||||||||||
| Notes to Consolidated Financial Statements | |||||||||||
|
2.
Schedule
|
|||||||||||
| II - Valuation and Qualifying Accounts | |||||||||||
|
3.
Exhibits
|
|||||||||||
| Exhibit No. | Description of Exhibit | |||||||
|
Plans of Acquisition, Reorganization, Arrangement, Liquidation or Succession
:
|
||||||||
| (2)(a) | ||||||||
| (2)(b) |
Agreement and Plan of Merger among Parker-Hannifin Corporation, Erie Merger Sub, Inc., LORD Corporation and Shareholder Representative Services LLC as the shareholders' representative, dated as of April 26, 2019,
incorporated by reference to Exhibit 2.1 of Registrant's
Report on
Form 8-K filed with the SEC on April 29, 2019
(Commission File No. 1-4982).
|
|||||||
| (2)(c) |
Share Purchase Agreement, among Parker-Hannifin Corporation, EMFCO Holdings Incorporated, the shareholders of the Company, and Fortis Advisors LLC, as the Sellers' representative, dated as of July 26, 2019
, incorporated by reference to Exhibit 2.1 of Registrant's
Report on
Form 8-K filed with the SEC on July 29, 2019
(Commission File No. 1-4982).
|
|||||||
| (2)(d) | ||||||||
|
Articles of Incorporation and By-Laws
:
|
||||||||
| (3)(a) | ||||||||
| (3)(b) | ||||||||
|
Instruments Defining Rights of Security Holders
:
|
||||||||
| (4)(a) | ||||||||
| Material Contracts: | ||||||||
| (10)(a) |
Form of Parker-Hannifin Corporation Amended and Restated Change in Control Severance Agreement
entered into by Registrant and its executive officers, incorporated by reference to Exhibit 10(a) to Registrant’s Report on Form 10-Q for the quarterly period ended September 30, 2008 (Commission File No. 1-4982).
|
|||||||
| (10)(b) |
Form of Parker-Hannifin Corporation Change in Control Severance Agreement for Executive Officers elected after September 1, 2015 at or above Grade 29
, incorporated by reference to Exhibit 10(c) to Registrant's Report on Form 10-K for the fiscal year ended June 30, 2016 (Commission File No. 1-4982).
|
|||||||
| (10)(c) |
Form of Parker-Hannifin Corporation Change in Control Severance Agreement for Executive Officers dated after September 1, 2015 below Grade 29
, incorporated by reference to Exhibit 10(d) to Registrant's Report on Form 10-K for the fiscal year ended June 30, 2016 (Commission File No. 1-4982).
|
|||||||
| (10)(d) |
Parker-Hannifin Corporation Amended and Restated Change in Control Severance Plan
, incorporated by reference to Exhibit 10(b) to Registrant’s Report on Form 10-Q for the quarterly period ended September 30, 2008 (Commission File No. 1-4982).
|
|||||||
| (10)(e) |
Form of Indemnification Agreement entered into by the Registrant and its directors and executive officers
, incorporated by reference to Exhibit 10(c) to Registrant’s Report on Form 10-K for the fiscal year ended June 30, 2003 (Commission File No. 1-4982).
|
|||||||
| (10)(f) |
Description of the Parker-Hannifin Corporation Officer Life Insurance Plan
, incorporated by reference to Exhibit 10(h) to Registrant’s Report on Form 10-K for the fiscal year ended June 30, 2005 (Commission File No. 1-4982).
|
|||||||
| (10)(g) |
Parker-Hannifin Corporation Amended and Restated Supplemental Executive Retirement Benefits Program
, effective July 1, 2014, incorporated by reference to Exhibit 10(a) to Registrant’s Report on Form 10-Q for the quarterly period ended March 31, 2016 (Commission File No. 1-4982).
|
|||||||
| (10)(h) |
Parker-Hannifin Corporation Amended and Restated Defined Contribution Supplemental Executive Retirement Program
, effective January 22, 2015, incorporated by reference to Exhibit 10(c) to Registrant’s Report on Form 10-Q for the quarterly period ended December 31, 2015 (Commission File No. 1-4982).
|
|||||||
| (10)(i) |
Summary of the Parker-Hannifin Corporation Executive Disability Insurance Plan
, incorporated by reference to Exhibit 10(j) to Registrant's Report on Form 10-K for the fiscal year ended June 30, 2016 (Commission File No. 1-4982).
|
|||||||
| (10)(j) |
Parker-Hannifin Corporation Amended and Restated 2003 Stock Incentive Plan,
incorporated by reference to Exhibit 10(b) to Registrant’s Report on Form 10-Q for the quarterly period ended September 30, 2010 (Commission File No. 1-4982).
|
|||||||
| (10)(k) |
Parker-Hannifin Corporation Amended and Restated 2009 Omnibus Stock Incentive Plan
, incorporated by reference to Appendix A to Registrant’s Definitive Proxy Statement filed with the Commission on September 24, 2012 (Commission File No. 1-4982).
|
|||||||
| (10)(l) |
Parker-Hannifin Corporation 2016 Omnibus Stock Incentive Plan,
incorporated by reference to Annex B to Registrant's Definitive Proxy Statement on Schedule 14A, filed with the SEC on September 26, 2016 (Commission File No. 1-4982).
|
|||||||
| (10)(m) |
Parker-Hannifin Corporation First Amendment to 2016 Omnibus Stock Incentive Plan,
effective April 1, 2017, incorporated by reference to Exhibit 10(a) to Registrant's Report on Form 10-Q for the quarterly period ended March 31, 2017 (Commission File No. 1-4982).
|
|||||||
| (10)(n) |
Parker-Hannifin Corporation Amended and Restated 2016 Omnibus Stock Incentive Plan, effective as of October 23, 2019
, incorporated by reference to Exhibit 10.1 to Registrant's Report on Form 8-K filed with the SEC on October 28, 2019 (Commission File No. 1-4982).
|
|||||||
| (10)(o) |
Parker-Hannifin Corporation 2015 Performance Bonus Plan
incorporated by reference to Appendix B to Registrant’s Definitive Proxy Statement filed with the Commission on September 28, 2015 (Commission File No. 1-4982).
|
|||||||
| (10)(p) |
Form of 2010 Notice of Stock Options with Tandem Stock Appreciation Rights for Executive Officers
, incorporated by reference to Exhibit 10(d) to Registrant’s Report on Form 10-Q for the quarterly period ended September 30, 2009 (Commission File No. 1-4982).
|
|||||||
| (10)(q) |
Form of 2011 Parker-Hannifin Corporation Stock Appreciation Rights Award Agreement for executive officers
, incorporated by reference to Exhibit 10.2 to Registrant’s Report on Form 8-K filed with the SEC on August 17, 2010 (Commission File No. 1-4982).
|
|||||||
| (10)(r) |
2011 Parker-Hannifin Corporation Stock Appreciation Rights Terms and Conditions for executive officers
, incorporated by reference to Exhibit 10.1 to Registrant’s Report on Form 8-K filed with the SEC on August 17, 2010 (Commission File No. 1-4982).
|
|||||||
| (10)(jj) | ||||||||
| (10)(kk) | ||||||||
| (10)(ll) | ||||||||
| (10)(mm) | ||||||||
| (10)(nn) | ||||||||
| (10)(oo) | ||||||||
| (10)(pp) | ||||||||
| (10)(qq) | ||||||||
| (10)(rr) | ||||||||
| (10)(ss) | ||||||||
| (10)(tt) |
Amendment Two to the Parker-Hannifin Corporation Amended and Restated Executive Deferral Plan (effective September 2, 2015), dated and effective October 14, 2019,
incorporated by reference to Exhibit 10.1 to Registrant's Report on Form 10-Q filed with the SEC on February 5, 2020
(Commission File No. 1-4982).
|
|||||||
| (10)(uu) | ||||||||
| (10)(vv) | ||||||||
| (10)(ww) | ||||||||
| (10)(xx) | ||||||||
| (10)(yy) |
Cooperation Agreement, by and between Parker-Hannifin Corporation and Meggitt plc, dated August 2, 2021, incorporated by reference to Exhibit 10.1 to Registrant’s Report on Form 8-K filed with the SEC on August 3, 2021
(Commission File No. 1-4982).
|
|||||||
| (10)(zz) | ||||||||
| (18) | ||||||||
| (21) | ||||||||
| (23) | ||||||||
| (24) | ||||||||
| (31)(a) | ||||||||
| (31)(b) | ||||||||
| (32) | ||||||||
| 101.INS | The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.* | |||||||
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document.* | |||||||
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document.* | |||||||
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document.* | |||||||
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document.* | |||||||
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document.* | |||||||
| 104 | Cover page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101). | |||||||
| PARKER-HANNIFIN CORPORATION | |||||||||||
| By: | /s/ Todd M. Leombruno | ||||||||||
| Todd M. Leombruno | |||||||||||
| Executive Vice President and Chief Financial Officer | |||||||||||
| /s/ Todd M. Leombruno | |||||
| Todd M. Leombruno, Executive Vice President and Chief Financial Officer (Principal Financial Officer and Attorney-in-Fact) | |||||
| Column A | Column B | Column C | Column D | Column E | ||||||||||||||||||||||
| Description |
Balance at
Beginning of Period |
Additions
Charged to Costs and Expenses |
Other
(Deductions)/ Additions (A) |
Balance
at End of Period |
||||||||||||||||||||||
| Allowance for credit losses: | ||||||||||||||||||||||||||
| Year ended June 30, 2019 | $ |
|
$ |
|
$ |
(
|
$ |
|
||||||||||||||||||
| Year ended June 30, 2020 | $ |
|
$ |
|
$ |
(
|
$ |
|
||||||||||||||||||
| Year ended June 30, 2021 | $ |
|
$ |
|
$ |
(
|
$ |
|
||||||||||||||||||
| Deferred tax asset valuation allowance: | ||||||||||||||||||||||||||
| Year ended June 30, 2019 | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
| Year ended June 30, 2020 | $ |
|
$ |
(
|
$ |
|
$ |
|
||||||||||||||||||
| Year ended June 30, 2021 | $ |
|
$ |
|
$ |
(
|
$ |
|
||||||||||||||||||